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Funding for startups focused on solving the world's water scarcity problem has been "more of a trickle than a flood" in recent years, according to a report from Business Insider.
But that's changing, with venture capital funding for water technology expected to more than triple in the next three years, from $470 million in 2016 to $1.2 billion in 2023.
"The demand for innovation and the supply of innovation with great founders building robust and scalable solutions to critical water problems has never been highadding up to an increasingly healthy operating environment for founders and investors," the report states, noting that climate change is driving the need for new, innovative solutions that can help transition to a low-carbon economy.
Examples of startups working on this front include Puraffinity, which has developed a polymer material that can remove micro-pollutants from water.
Another is Kumulus, which has developed a wastewater treatment system that uses bacteria and fungi to break down pollutants and contaminants, producing clean water and biomass as byproducts.
And NatureMetrics, which has developed DNA-based technology to track and monitor pollution levels in rivers, provides real-time data to conservationists to quickly identify and respond to changes in water quality.
"The challenge and the opportunity to tackle broader challenges associated
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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Social Entrepreneurship
Spotlight
When it Comes to Social Enterprises, Failure is the Best Platform for Innovation
In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.